CALGARY, ALBERTA–(Marketwired – Jan. 22, 2015) – Shoreline Energy Corp. (TSX:SEQ) (“Shoreline” or the “Corporation“) announces that Mr. Gary Lobb has resigned as Chief Financial Officer of the Corporation effective immediately to pursue other interests.
“On behalf of the Board of Shoreline, we wish Gary the very best in his future endeavours.” said Trevor Folk, Chief Executive Officer.
Effective immediately Mr. Trevor Folk will assume the role of Chief Financial Officer and a current Director Mr. Dan Thompson will assume the role of Chief Executive Officer.
The Corporations strategic alternatives and restructuring process continues and the Corporation will continue to update the market upon material developments in the strategic alternatives and restructuring process.
The Corporation cautions that there are no assurances or guarantees that (i) the strategic alternatives process will result in a transaction; (ii) if a transaction is undertaken, the terms or timing of such transaction will be satisfactory to all stakeholders; or (iv) negotiations currently underway with the Corporation’s other creditors will yield satisfactory results.
Shoreline is a Calgary, Alberta-based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation’s common shares and its convertible unsecured subordinated debentures are currently listed on the TSX under the trading symbols “SEQ” and “SEQ.DB”, respectively. Additional information regarding Shoreline is available under the Corporation’s profile at www.sedar.com or at the Corporation’s website, www.shorelineenergy.ca.
Forward Looking and Cautionary Statements
This news release contains forward-looking statements relating to successful completion of a strategic alternatives process, and satisfaction of forbearance conditions. These forward-looking statements may include opinions, assumptions, estimates and management’s assessment of future plans and operations.
Forward-looking statements typically use words such as “will,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “plan,” and similar expressions suggesting future outcomes, and include statements that actions, events or conditions “may,” “would,” “could,” or “will” be taken or occur in the future. The forward-looking statements are based on various assumptions including expectations regarding the nature and success of negotiations and of a strategic alternatives process; the Corporation’s net debt; increases in production rates; the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; business prospects and opportunities; future exchange and interest rates; the Corporation’s ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital and credit. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to negotiate acceptable terms with current and future lenders and/or equity providers; inability to obtain requisite approvals of various stakeholders; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; failure to meet credit facility covenants; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Shoreline believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Shoreline does not undertake any obligation to publicly update or revise any forward-looking statements.
Shoreline Energy Corp.
Mr. Dan Thompson
Chief Executive Officer
Shoreline Energy Corp.
Mr. Trevor Folk
Chief Financial Officer
Shoreline Energy Corp.
Suite 500, 500 – 4th Ave. SW
Calgary, Alberta T2P 2V6